There’s no business platform here. So it will go a different path. Buy eventually the mods and instance admins who are volunteering their time and money to keep this going will wish to spend their time and money elsewhere. What happens after the first round of people who really work to make a free platform like this succeed go away? If there’s not a good deal of planning and acculturation for new people, there’s a high likelihood that a second generation of mods takes over who have different motives and reasons for running the place and the platform sees noticeable changes. Or nobody steps up at all and individual sections just end.
Hard to say. My experience with people in general is that they’ll keep going even if things aren’t great, but they’ll get upset. And eventually things will come to a head and there’s a major change in a short period of time. This being a somewhat democratic platform, I would bet that we’ll have that sort of trajectory.
As for donations, it’s just very hard to get people to donate enough and often enough to support this kind of thing. Think of the regular donation appeals on public radio, or Wikipedia, or even The Guardian. They have a whole organization and system built around soliciting donations, and even then they are always operating on a shoestring. How often do you donate? How often do your friends and family?